Callouts & quotes from 50+ activist slides

""We find it odd management believes value can be created by separating the business into two mature companies." — KeyBanc, December 20, 2013; "...But we continue to believe [management's] plan doesn't address RL problems for investors... We believe the most favorable outcome for investors under the current plan is a sale of RL, but short of that we see risk to the downside if investors inherit RL shares." — UBS, March 3, 2014; "We believe Red Lobster has a valuable asset base that makes Darden's overall real estate portfolio materially more attractive than it would be without it. We fear management's current plan to spinoff Red Lobster is reactionary and lacking integrity." — Hedgeye, March 12, 2014; "Moving forward with Red Lobster sale or spin. Unless the separation helps drive a significant improvement in operating results, we don't envision this being very accretive to valuation." — Oppenheimer, March 3, 2014; "It remains unclear to us why the combined valuation of the separate companies would exceed current DRI valuation." — Bank of America, March 3, 2014; "Despite Opposition, Management is Moving Forward in Divesting Red Lobster: Overall, we believe the Street is disappointed by the divestiture of Red Lobster on its own." — Sterne Agee, March 21, 2014"

"“We find it odd management believes value can be created by separating the business into two mature companies.” — KeyBanc, December 20, 2013; “...But we continue to believe [management’s] plan doesn’t address RL problems for investors... We believe the most favorable outcome for investors under the current plan is a sale of RL, but short of that we see risk to the downside if investors inherit RL shares.” — UBS, March 3, 2014; “We believe Red Lobster has a valuable asset base that makes Darden’s overall real estate portfolio materially more attractive than it would be without it. We fear management’s current plan to spinoff Red Lobster is reactionary and lacking integrity.” — Hedgeye, March 12, 2014; “Moving forward with Red Lobster sale or spin. Unless the separation helps drive a significant improvement in operating results, we don’t envision this being very accretive to valuation.” — Oppenheimer, March 3, 2014; “It remains unclear to us why the combined valuation of the separate companies would exceed current DRI valuation.” — Bank of America, March 3, 2014; “Despite Opposition, Management is Moving Forward in Divesting Red Lobster: Overall, we believe the Street is disappointed by the divestiture of Red Lobster on its own.” — Sterne Agee, March 21, 2014"

""Darden also issued its most detailed defense of its planned spin-off (or sale) of Red Lobster. However, it remains unclear to us why the combined valuation of the separate companies would exceed current DRI valuation." — BofA Merrill Lynch, March 3, 2014; "...But we continue to believe [management's] plan doesn't address RL problems for investors... It is still unclear how a spin actually improves core guest targeting capabilities/chances for a sales recovery or why multiple expansion would occur." — UBS, March 3, 2014; "We fear management's current plan to spinoff Red Lobster is reactionary and lacking integrity. They haven't given a plan to stabilize and turnaround Red Lobster, but merely an excuse to cast off the struggling chain." — Hedgeye, March 12, 2014; "Despite Opposition, Management is Moving Forward in Divesting Red Lobster: Overall, we believe the Street is disappointed by the divestiture of Red Lobster on its own." — Sterne Agee, March 21, 2014"

"“In 2002, The New York Times published an article about Matthew DiFrisco, an analyst who downgraded Darden's stock to ‘neutral’ from ‘outperform.’ Following the downgrade, Darden's investor relations officer Matthew Stroud canceled a marketing trip with DiFrisco's clients, telling him that he needed to have an ‘outperform’ rating to enjoy such a privilege.” — The New York Times. “Some investors are protesting that Darden's idea of ‘direct engagement’ amounts to returning the phone calls of analysts and investors who agree with its strategy while ignoring calls from dissenters. ‘They've got a history of only engaging with investors and analysts who are supportive of their views,’ said one Darden shareholder, who declined to give his name for fear of retribution from the company. ‘If the board is so convinced [a Red Lobster spinoff] is such a great idea, then put it to a vote.’” — New York Post"

""In 2002, The New York Times published an article about Matthew DiFrisco, an analyst who downgraded Darden's stock to 'neutral' from 'outperform.' Following the downgrade, Darden's investor relations officer Matthew Stroud canceled a marketing trip with DiFrisco's clients, telling him that he needed to have an 'outperform' rating to enjoy such a privilege." — The New York Times. "Some investors are protesting that Darden's idea of 'direct engagement' amounts to returning the phone calls of analysts and investors who agree with its strategy while ignoring calls from dissenters. 'They've got a history of only engaging with investors and analysts who are supportive of their views,' said one Darden shareholder, who declined to give his name for fear of retribution from the company. 'If the board is so convinced [a Red Lobster spinoff] is such a great idea, then put it to a vote.'" — New York Post"

"“Some investors are protesting that Darden’s idea of ‘direct engagement’ amounts to returning the phone calls of analysts and investors who agree with its strategy while ignoring calls from dissenters. ‘They’ve got a history of only engaging with investors and analysts who are supportive of their views,’ said one Darden shareholder, who declined to give his name for fear of retribution from the company. ‘If the board is so convinced [a Red Lobster spinoff] is such a great idea, then put it to a vote.’” — New York Post"

"BP Moves Chief Executive to Lesser Role in Spill Response — The New York Times; Boeing CEO Dave Calhoun to step down in wake of safety issues — Axios; Wells Fargo CEO John Stumpf Resigns Amid Scandal — NPR; 3M Names New CEO Amid PFAS Battles, Health Spinoff — The Wall Street Journal; CEO of Canada's Suncor Energy steps down after latest site fatality — Reuters"

"On the date of Pershing Square's exit, GGP, including a shareholder's interest in the Howard Hughes and Rouse spinoffs, traded at more than 100 times the price at which we first began accumulating our position in November 2008"

"On the date of Pershing Square’s exit, GGP, including a shareholder’s interest in the Howard Hughes and Rouse spinoffs, traded at more than 100 times the price at which we first began accumulating our position in November 2008"

"On the date of Pershing Square's exit, GGP, including a shareholder's interest in the Howard Hughes and Rouse spinoffs, traded at more than 100 times the price at which we first began accumulating our position in November 2008"

"Immediately start exploring all strategic alternatives for Parkland, including evaluating the sale or spinoff of non-core assets with the goal of becoming a more focused fuel and convenience retailer."

"Since the spinoff from GGP in November 2010 and from our average cost basis prior to the position being made public, The Howard Hughes Corporation's share price has increased 296%"

"If Darden can realize just $65-90 million of our expected $271 million in cost reductions, we believe it can ensure that an SRG spinoff will not put its credit rating in jeopardy."

"If Darden can realize just $65-90 million of our expected $271 million in cost reductions, we believe it can ensure that an SRG spinoff will not put its credit rating in jeopardy."

"Since the spinoff from GGP in November 2010 and from our average cost basis prior to the position being made public, The Howard Hughes Corporation's share price has increased 296%"

"Recent favorable market trends (ACA) and corporate events (Dealer Services spinoff plus leverage) have driven satisfactory overall results for ADP, but these tailwinds are fading"

"In addition to substantial value creation from our operational improvement plan, we believe a real estate separation and a spinoff of SRG would both create value"

"A real estate separation and an SRG spinoff would create substantial shareholder value while enabling Darden to maintain its investment grade rating and dividend"

"In addition to substantial value creation from our operational improvement plan, we believe a real estate separation and a spinoff of SRG would both create value"

"A real estate separation and an SRG spinoff would create substantial shareholder value while enabling Darden to maintain its investment grade rating and dividend"

"Spruce Point believes that ROAD is overvalued and that its closest peer is a recent spinoff from MDU Resources (NYSE: MDU) named Knife River Corp. (NYSE: KNF)."

"APD’s share price including dividends and the spinoff of Versum increased by 76% from our average cost at announcement date to January 20, 2017"

"APD’s share price including dividends and the spinoff of Versum increased by 76% from our average cost at announcement date to January 20, 2017"

"APD’s share price including dividends and the spinoff of Versum increased by 76% from our average cost at announcement date to January 20, 2017"

"APD’s share price including dividends and the spinoff of Versum increased by 67% from our average cost at announcement date to April 18, 2017"

"APD’s share price including dividends and the spinoff of Versum increased by 67% from our average cost at announcement date to April 18, 2017"

"“If the board is so convinced [a Red Lobster spinoff] is such a great idea, then put it to a vote.” — New York Post"

"As of January 20, 2017, HHC’s share price increased 190% (2.90x) since the spinoff from GGP in November 2010"

"As of January 20, 2017, HHC’s share price increased 190% (2.90x) since the spinoff from GGP in November 2010"

"As of January 20, 2017, HHC’s share price increased 190% (2.90x) since the spinoff from GGP in November 2010"

"Since the spinoff from GGP in November 2010, The Howard Hughes Corporation’s share price has increased 219%"

"Since the spinoff from GGP in November 2010, The Howard Hughes Corporation’s share price has increased 219%"

"Since the spinoff from GGP in November 2010, The Howard Hughes Corporation’s share price has increased 219%"

"As of April 18, 2017, HHC’s share price increased 234% (3.34x) since the spinoff from GGP in November 2010"

"As of April 18, 2017, HHC’s share price increased 234% (3.34x) since the spinoff from GGP in November 2010"

"Combined with the $350 million portfolio sale, a REIT spinoff would improve Darden's key credit metrics"

"Combined with the $350 million portfolio sale, a REIT spinoff would improve Darden's key credit metrics"

"HHC’s share price has increased 250% (3.5x) from the November 2010 spinoff from GGP to January 19, 2018"

"HHC’s share price has increased 250% (3.5x) from the November 2010 spinoff from GGP to January 19, 2018"

"We fear management's current plan to spinoff Red Lobster is reactionary and lacking integrity."

"We would expect to complete an SRG spinoff 12 – 18 months after the Annual Meeting, or sooner"

"We would expect to complete an SRG spinoff 12 – 18 months after the Annual Meeting, or sooner"

"Operating expense has INCREASED since spinoff despite multiple restructuring initiatives"

"“Japan eyes tax break for spinoffs.” — Nikkei Asian Review, Nikkei. 19, November 2016."

"APD’s share price including dividends and the spinoff of Versum increased 24% in 2016"

"APD's share price including dividends and the spinoff of Versum increased 24% in 2016"

"APD’s share price including dividends and the spinoff of Versum increased 24% in 2016"

"GCP had enviable products and was well positioned to succeed at the time of spinoff."

"Since the spinoff from GGP in November 2010, HHC stock has increased 182%"

"Since the spinoff from GGP in November 2010, HHC stock has increased 182%"